The Ohio Housing Finance Agency (OHFA) assists first-time homebuyers, renters, senior citizens, and other populations with special needs who otherwise might not be able to afford quality housing. OHFA offers may programs to Ohioans in the purchase of qualifying properties. Qualifying properties are residential properties which are on two acres or less unless additional acreage is required by local health or safety code. Qualifying properties are classified into three categories: Existing Homes, Nearly Completed Homes or Spec Homes, and Manufactured or Modular Homes. A qualifying existing home may be a single-family dwelling, a duplex or a multi-unit property provided, however, that there are no more than four units. A qualifying nearly constructed or spec home is a one-unit single-family dwelling. A qualifying modular or manufactured home is a one-unit single-family dwelling which is permanently affixed to a foundation.The First-time Buyer’s Program provides a 30-year fixed-rate mortgage loans with competitive below-market interest rates to first-time home buyers purchasing a home in any of Ohio’s 88 counties.

The Target Area Loan Program provides first-time home buyer loan products and interest rates available to any qualifying buyer purchasing a home in a targeted area. A target area is an economically distressed area designated by the U.S. Department of Housing and Urban Development (HUD). Most counties in Ohio have both target and non-target areas. Applicants may also be eligible to participate in OHFA’s Mortgage Credit Certification Program and Down Payment Assistance Grant Program.

The Ohio Heroes Program offers Ohioans employed full-time in certain professions an interest rate .25 percent lower than OHFA’s First-Time Buyer’s Program interest rate. Applicants may also be eligible to participate in OHFA’s Mortgage Credit Certification Program and Down Payment Assistance Grant Program. Qualifying professions include the military, teachers, police officers, health care professionals, firefighters, and paramedics and Emergency Medical Technicians.

The Grants for Grads program provides recent college graduate a favorable mortgage interest rate from a participating lender and a grant in an amount for 2.5% of a home’s purchase price. The grant is issued as a second mortgage with a 0% interest rate with no payment due. The loan is forgivable after five years unless the grantee moves out of Ohio prior to the five-years.

Down Payment Assistance Grant Program provides eligible home buyers participating in the First Time Buyer’s grant in an amount for up to 2.5 percent of a home’s purchase price.

RESOURCES:

Ohio Housing Finance Agency (OHFA)

http://www.ohiohome.org/

Need Help Paying Bills: Help with Mortgages and Foreclosures in Ohio

http://www.needhelppayingbills.com/html/ohio_help_with_mortgage_and_fo.html

Save the Dream Ohio: Ohio Mortgage Help Workbook (March 1, 2010)

http://www.savethedream.ohio.gov/docs/MortgageWorkbook.pdf